Saudi Arabia: Saudi Arabia has increased its subscribed share capital in the Jeddah-based Islamic Development Bank (IDB) by SDR902.19 million (the IDB equivalent to US$1.38 billion), bringing its total share to SDR5.15 billion (US$7.85 billion). The new amount will be paid to the bank over 20 years beginning in 2016.
Saudi Arabia is the largest shareholder in the development bank: followed by Libya, Iran, Nigeria, the UAE, Qatar, Egypt, Turkey, Kuwait, Algeria and Pakistan.
The move comes following an increase in IDB authorized capital from SDR30 billion (US$45.72 billion) to SDR100 billion (US$152.40 billion). The capital increase will enable the IDB to meet the growing development requirements of its 56 member countries.